Pittsburgh / Chicago. (khc) The Kraft Heinz Company announced that it has completed the sale of its nuts business to Hormel Foods Corporation in a cash transaction for USD 3.35 billion. The Company previously announced the signing of a definitive agreement in February 2021, under which Kraft Heinz would divest most products sold under the Planters brand. The transaction also includes global intellectual property rights to the Planters brand, subject to existing third-party licenses in certain international jurisdictions, and to the Corn Nuts brand.
«The sale of our Nuts portfolio is another important milestone in our transformation,» said Kraft Heinz CEO Miguel Patricio. «The divestiture is a great example of our agile portfolio management and will help Kraft Heinz enhance our overall growth profile while enabling our strategic focus.»
«This is an important day for Hormel Foods as we close the largest acquisition in our company’s history. As a global branded food company, we have been making a purposeful and strategic shift in our portfolio of brands and products, which includes enhancing our snacking offerings. The Planters snacking business is an important cornerstone to this strategy, and now joins our leading brands,» said Jim Snee, chairman of the board, president and chief executive officer at Hormel Foods. «The Planters snacking business will now have the world-class resources of Hormel Foods marketing, innovation and robust sales organization behind it to drive further growth. We welcome the Planters team members to the Hormel Foods family. Together, we are going to do great things for this business.»